You can't blame the Chinese for being mad.
Secretary Geithner took a cheap shot at them during his confirmation hearings when he accused them of currency manipulation. President Obama has used them as a convenient foil every now and then as well. But the latest salvo from the Chinese concerning the dollar is a very weak attempt on their part to hit back.
The Chinese Premier (or is it President ? In a Communist nation I'm not sure it matters) is complaining about the use of the dollar as the world's currency reserve.
Deal with it. There is no other substitute.
The world will not line up and use that repressive regimes' currency. Especially not after they seem to have walked away from a deal with Disney to expand the theme park in Shanghai, and only yesterday kicked you-tube out of the country. You're going to listen to them on international currency issues ?
The Euro has its issues and there are rumors that some of the Eastern European members are especially upset and feel restricted. The European agreement to limit projected deficits to 3% of GDP doesn't fit all countries needs. The ten year old currency has not yet stood the test of time.
Forget the British pound. The British government just had a failed auction and the Japanese reported exports fell 49% last month. I don't think the ancient Roman denarii can be resurrected and the Swiss Franc just isn't big or liquid enough to substitute for the dollar.
The only real alternative to me would be to expand the use of the Special Drawing Rights - SDR'S - issue by the World Bank. But since most of you have never heard of them and since they have no taxing body to stand behind them they would be of limited use.
I think this is all part of the geo-posturing that goes on before something like the G20 meeting that takes place soon.